By Alexis Lyn Hailpern, Attorney at Law
According to the Social Security Administration (“SSA”) Office of Retirement and Disability Policy, 67 million people received benefits from the Social Security Administration in 2017. 87.7% of the $996.6 billion dollars used to fund social security were sourced from 2017 payroll taxes.[1]
The money withheld from current paychecks pays for current social security recipients. Although employees and employers overwhelmingly fund social security for the elderly and disabled, the Federal government still controls the laws and disbursements of such funds including the use of social security levies in the case of back taxes.